General Contractors for 203K Loans in New Jersye

[Alyssa Coffey]

We are flipping in the south jersey area and are using a 203K loan. We had a list of contractors that use 203K loans from the mortgage company but some of them have been unreliable. I wanted to reach out and see if anybody has any recommendations for reliable and moderately priced contractors in the south jersey area. Thank you!

[Cara Lonsdale]

You can use any contractor, they just need to go through an approval process with the lender.  Usually that entails obtaining a copy of their business license, insurance, and some other operating agreement type stuff.

Also, the contractor you select needs to be OK with waiting until full completion and inspection by the lender before any payment is authorized and released.  This often limits the contractor pool since they usually collect some upfront and want to be paid immediately after completion.  The lender was fairly quick to inspect and release funds, but it still took several days.  Just be aware, and make sure the contractor knows and is ok with it too.